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GM, Ford, Toyota, Stellantis CEOs want EV tax credit cap lifted

For just over a decade now, the U.S. has had a federal tax credit worth up to $7,500 for buyers of electric cars and plug-in hybrids. The catch has been that, once 200,000 of them were claimed for a manufacturer, that credit would be phased out. Now, automakers are asking for this cap to be lifted across the board, specifically General Motors, Ford, Toyota and Stellantis. The request comes in the form of a joint letter to Congress (which you can read here), signed by the CEOs of each company. And the ask really is as simple as that. The automakers would like the cap lifted for all EV manufacturers, and instead have a sunset date for the tax credit put in place. Broadly speaking, they want it lifted because of concerns about rising costs from materials and supply chain issues, which can lead to higher prices and could discourage buyers from getting an EV. It would also put automakers back on an even playing field. GM reached its tax credit cap a few years ago, meaning that none of its EVs are eligible for the tax credit. So while it reaped the benefits early on, it now has something of a disadvantage to competitors with credits remaining, such as those that signed on to this letter. GM wouldn't be the only beneficiary. Tesla ran out of credits years ago, too. Nissan still has credits, but likely not for much longer, as InsideEVs reports around 190,000 Leafs have been sold in the U.S. as of April. So it will probably face a phase-out soon, just as the anticipated, and more expensive, Ariya is heading to market. Making this change would also seem like a good choice for continuing to stimulate EV sales, if that's what the government is looking to do. While EVs are now reaching parity in practicality and performance with gas-powered cars, having an additional financial incentive will surely keep them looking more attractive. And automakers can push EVs without fear of running out of credits early. Certainly some sorts of changes to the EV tax credit are likely. There are bills in the works focusing on cap changes as well as the amount of money available, and which vehicles are eligible. Credits up to $12,500 have been proposed, plus possible credits for used EV sales and restricting some credits to vehicles of certain price brackets. Of course, any changes will require some cooperation in a deeply divided Congress. Related Video: Government/Legal Green Chevrolet Chrysler Ford Toyota Electric EV tax credit

C7 Corvette turbo with 1,000 horsepower promised from Hennessey

If you can't wait for the next-generation Chevrolet Corvette ZR1, Hennessey says they will have you covered. The Texas-based company has announced it will offer a spate of upgrades for the 2014 Corvette ranging from a range of bolt-on options all the way up to a 1,000-horsepower, twin-turbo system. Buyers can start with a cold air intake, cat-back exhaust or stainless steel long-tube headers, but Hennessey says it will also offer up three stages of forced induction mayhem should those bits and baubles not provide enough thrust.
Those choices start with a supercharger system good for up to 700 hp, though Hennessey will gladly ditch the blower in favor of two turbos. Doing so will spin the crank to the tune of 800 horsepower all the way up to a certifiably ludicrous 1,000 ponies. There's no word on how much these tricks will cost you - or when they will be available, as we're guessing they haven't gotten their hands on the car yet - but you can head over to the Hennessey site to drop them a line if you're curious.

2017 Chevy Bolt Prototype Quick Spin [w/video]

To say that there's a lot riding on the upcoming Chevy Bolt doesn't quite get at how important this all-electric vehicle could be for GM. To say that there's a lot riding on the upcoming Chevy Bolt doesn't quite get at how important this all-electric vehicle could be for GM. We are entering a new phase for EVs in the US, and it's one where there will be more than one 200+ mile range electric model that will cost around $30,000-$35,000. The two obvious first entries are the Tesla Model 3 and the Bolt, but you can bet your Level 2 charger that Nissan will be joining the party as well, along with all sorts of as-yet-unannounced entries from other automakers. The main change that all of these longer-range EVs will bring is – potentially – to make plugging in your car a mainstream thing. And if the mainstream is in play, then there's money to be made, and you're going to need one heck of an EV to get people to pick your car instead of someone else's. So, yeah, the Chevy Bolt could be a big deal. And today we not only got a bit more information about the car but we also got to go on a really short test drive in a prototype version outside of the Las Vegas Convention Center as part of CES 2016. The "drive" took place in a closed-off parking lot and my two laps through the cone course took less than three minutes, but I can still say that it looks like GM will be bringing a solid option to the marketplace soon. Chevy Bolt Prototype front 3/4 View 16 Photos If you shift into L, the regen becomes wonderfully strong. One of the pleasant surprises in the Bolt prototype is the ability to drive with just one pedal. When in D, the Bolt coasts a bit, which is nice for highway driving, but if you shift into L, the regen becomes wonderfully strong. Strong enough that you don't need to engage the brakes at all if you're in standard city traffic, with lots of gentle stops and starts. If you want even more stopping power without getting the brakes involved, the Bolt also has the regen-on-demand feature that was introduced in the Cadillac ELR and works great in the second-gen Chevy Volt. When you pull the paddle on the left back side of the steering wheel, the electric motor instantly becomes a generator and the Bolt turns forward momentum into energy for the battery pack. It will even bring the car to a complete stop and then hold it when you release the paddle.